Insurers provide better experiences through cloud adoption

The Insurance industry is experiencing unprecedented competition. Not only from traditional providers but also the new entrants from retail, Insurtech, and elsewhere. To transform, profit and grow, insurers need to create new customer engagements, find new ways to generate revenue and continue to reduce expenses. Let's not kid ourselves either, it's not easy to reimagine your business models to meet the continually evolving demands of the market, customers, partners, and not least the regulators; but there are ways to unlock and fast track the journey to becoming a more digitally enabled insurance business. 

Steps to overcome the challenges of running and managing a sprawling legacy IT estate are already well underway, with cloud technology seen as an effective tool in reducing costs while also addressing industry-specific challenges. However, some elements of modernisation are easier than others. Roadblocks can occur throughout the cloud journey. Complexity or a lack of confidence can slow the process early on, while fear of touching business-critical systems might lead to a stop decision much further into a migration. You may have fully or very nearly completed your migration but yet be unable to unlock the benefits the cloud can provide. 

The alternative for insurers at any stage of their migration journey is to leverage the skills and experience of a trusted cloud migration and modernisation partner, one who understands the challenges faced having been on this journey and learnt lessons many times over in the past. An experienced and trusted cloud partner will put innovation at the centre of everything they do and help insurance companies to develop and future proof their businesses. You will have access to instant capabilities and subject matter expertise, helping you: 

Operational excellence 

• Build an open ecosystem allowing for advanced innovation;  
• Become an intelligent business through data analysis, artificial intelligence and machine learning; 
• Ensure you are continually conforming to business security, resilience, compliance and governance; 
  
  

Customer centricity  

• Improve and continually drive customer prominence, be truly customer-centric; 
• Develop new products and offering using services at your immediate disposal; 
• Become a truly digital Insurance business and ensure you are safeguarded for the future. 

A good cloud migration and modernisation partner will help you to be empowered to safely and quickly modernise your infrastructure and continue to do this iteratively, meeting the rapidly changing customer behaviours and expectations, whilst driving business growth. 

A project that once looked like a drawn out, expensive and complex undertaking can now be realised on cloud, providing more rapid and incremental benefit. Delivery through a partner will support you through your migration and modernisation journey enabling you to: 

Operational excellence 

• Replace or modernise legacy systems, affording you improved agility and ability to scale. Running old systems depletes valuable resources better used for innovating.  
• Access the broadest set of migration services and tools; and build and operate high-performing, resilient systems whilst realising cost savings and reducing risk.
• Drive business growth by harnessing data and innovation. Analysing data is crucial to business growth and product innovation. Explore new ideas within a secure data platform, build quickly using microservices-based platforms and engage partners for new products and capabilities. 
• Build with confidence on the most secure, compliant, resilient clouds. Industry regulators enforce strict rules.  
• Ensure data integrity with the most secure infrastructure and meet data residency requirements. 
  
  

Customer centricity  

• Meet rapidly changing behaviours and expectations. Customers want access to information from any device, any location, at any time. Utilise ready-to-use services for enhanced experiences, analyse and process data to uncover what is important.